The BSE Sensex and Nifty 50 soared to record fresh highs today. The Nifty 50 jumped by 1.8%, opening at 22,614.10 and surging to a new all time high of 22,993.60, eventually closing at 22,967.65, up by 370 points, a 1.64%. Similarly, the BSE Sensex opened at 74,253.53, climbed to a peak of 75,499.91, and concluded the trading day at 75,418.04, marking a rise of 1,197 points or 1.61
Nifty 50 Index: TradingView
Several factors contributed to this remarkable performance. A major boost came from the Reserve Bank of India’s record dividend payout of Rs 2.11 lakh crore, significantly aiding the government in managing its fiscal deficit. This move also influenced a drop in India’s 10-year bond yields, providing additional impetus to the stock markets. Also, the anticipation of a stable government following the ongoing general elections has heightened investor confidence, propelling a bullish trend across the indices.
Apart from mid-cap and small-cap stocks recording the most gains today, most of the top stocks also recorded impressive positive closes today
HDFC Bank Limited
Among the standout performers, HDFC Bank Limited witnessed a notable uptick, with its shares increasing by 2.31% to close at Rs 1,492.33. The bank’s strong performance is particularly impactful, considering its substantial market cap of 11.34 trillion INR and an average trading volume of 14.39 million shares. The stock fluctuated between a high of Rs 1,495.65 and a low of Rs 1,457.05 during the day.
ICICI Bank Ltd
Similarly, ICICI Bank Ltd also contributed significantly to the indices’ gains, with its stock price rising by 2.29% to settle at Rs 1,136.50. The bank has shown steady growth, supported by a market capitalization of 7.97 trillion INR and an average daily trading volume of 12.53 million shares. The day’s trading saw the stock price moving between Rs 1,111.40 and Rs 1,137.00.
Tata Consultancy Services Ltd
Tata Consultancy Services Ltd (TCS) also participated in the rally, with its shares increasing by 1.75% to end at Rs 3,899.00. The company, holding a market cap of 14.09 trillion INR, traded between Rs 3,825.50 and Rs 3,905.00 throughout the session. TCS’s consistent performance is underscored by its P/E ratio of 30.97, indicating a strong investor sentiment.
Infosys Ltd
Infosys Ltd saw its shares advance by 1.12%, closing at Rs 1,471.05. The tech giant’s trading ranged from Rs 1,450.00 to Rs 1,478.15, reflecting active investor participation. With a market capitalization of 6.10 trillion INR and an average volume of 7.29 million shares, Infosys continues to be a significant player in the market.
Hindustan Unilever Ltd
Not to be outdone, Hindustan Unilever Ltd recorded a more slight gain of 0.49%, with its shares priced at Rs 2,378.50 by day’s end. The consumer goods company’s shares traded between Rs 2,355.00 and Rs 2,386.80, contributing to a market cap of 5.59 trillion INR and a P/E ratio of 54.38, highlighting its valuation and investor interest.
Reliance Industries Ltd
Lastly, Reliance Industries Ltd marked a significant increase of 1.63%, closing at Rs 2,969.00. The stock moved between Rs 2,910.00 and Rs 2,984.45 during the trading hours, indicating vigorous activity. With the largest market cap on the list at 20.12 trillion INR and an average trading volume of 5.07 million, Reliance Industries remains a heavyweight in the Indian market landscape.
Today’s stock market performance not only reflects the intrinsic strength of these major corporations but also illustrates the broader economic optimism pervading among investors, backed up by favorable economic indicators and political stability expectations. The markets seem set for more bullish performances, potentially setting new records in the days to come.
